Rising Middle East tension reminder that energy a 'cornerstone of peace', Dr Sultan Al Jaber says
Rising tension in the Middle East is a reminder that energy is a 'cornerstone of peace, stability and ensuring prosperity', Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc's managing director and group chief executive, said on Tuesday.
The war between Israel and Iran has sparked fears of a potential supply crisis in energy markets, with Brent oil prices rising above $75 a barrel on Tuesday.
'The UAE stands for dialogue, de-escalation and diplomacy,' Dr Al Jaber said during a keynote address at the Atlantic Council Global Energy Forum in Washington.
Dr Al Jaber said countries must also remain focused on opportunities – chiefly the burgeoning artificial intelligence sector – as partners remain committed to dialogue and diplomacy.
US Energy Secretary Chris Wright, who was scheduled to speak at Tuesday's forum, had cancelled his appearance to assist President Donald Trump as the crisis worsens, the Atlantic Council's president said before Dr Al Jaber's remarks.
'Once-in-a-generation' investment opportunity
AI is "driving the next stage of evolution" and the advanced technology is driven by energy, he said. AI requires significant energy to be powered through data centres.
The US will require between 50 and 150 gigawatts of new installed capacity and this demand brings a 'once-in-a-generation investment opportunity', Dr Al Jaber added.
Mr Al Jaber also said the UAE is 'wasting no time in taking our powerhouse energy partnership with the US to the next level'.
'The United States is not just a priority. It is more of an investment imperative. This is not just capital, it's conviction and a shared future, partners, colleagues and friends'.
The UAE has announced a number of planned investments in the US since Mr Trump began his second term in January. Chief among those was a $1.4 trillion investment framework announced by the White House in March.
During Mr Trump's visit to the UAE in May, Dr Al Jaber announced the UAE intends to boost its investment in the US energy sector to $440 billion by 2035 as part of that framework. The UAE will increase its US energy investments six-fold over the next decade through XRG, he said.
XRG, Adnoc's global energy investment arm, signed an agreement with Occidental and subsidiary 1PointFive last month on a potential investment for a direct air capture project in Texas. XRG could invest up to $500 million in the project.
US companies are also expected to invest up to $60 billion in UAE energy projects, including a field development plan with ExxonMobil and Japanese companies Inpex and Japan Oil Development Company to expand the capacity of Abu Dhabi's Upper Zakum offshore field.
Separately, Adnoc and Occidental agreed on a collaboration to potentially increase Shah Gas's production capacity from 1.45 billion to 1.85 billion standard cubic feet per day.
Also in March, Abu Dhabi's sovereign wealth fund ADQ announced plans to invest more than $25 billion in mostly US-based energy projects to power data centres with US private equity firm Energy Capital Partners.
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